#GBPNZD buying opportunitu
Updated
technical confluences for buying:
1- price is in overall bullish long-term market structure, which seems like followed by a bearish corrective move. (as it seems till now)
2- price has reached 4H timeframe 200 EMA and failing to close below it.
3- In 1H timeframe price formed double bottom and also we have double bullish divergence formation between the last two swing low in 1H time frame, which add to possibility of bullish move.
In case this analysis materialize we expect price to at least test its previous lower-timeframe high if not break it to the upside in the direction of higher timeframe
1- price is in overall bullish long-term market structure, which seems like followed by a bearish corrective move. (as it seems till now)
2- price has reached 4H timeframe 200 EMA and failing to close below it.
3- In 1H timeframe price formed double bottom and also we have double bullish divergence formation between the last two swing low in 1H time frame, which add to possibility of bullish move.
In case this analysis materialize we expect price to at least test its previous lower-timeframe high if not break it to the upside in the direction of higher timeframe
Order cancelled
since price stayed in this area for a long time and buyer failed to support this support zone with their buys and failed to bring price higher, now there is a higher possibility that this area wont hold anymore.So in order to manage risk its better to cancel this trade and be looking again to find trigger at different price zone.
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